Julius Baer will cut up to 1,000 jobs after takeover

The logo of Swiss private bank Julius Baer is seen at the company's headquarters in Zurich.
(Reuters/Arnd Wiegmann)

MOBILE, Alabama - Swiss private bank Julius Baer will cut up to around 1,000 jobs, per Reuters, as a result of its purchase of part of Bank of America Merrill Lynch's wealth management business.

Baer said it planned a "significant reduction of former Bank of America corporate overhead" as well as cuts to the middle and back office functions of the combined group, reducing the combined staff of approximately 5,700 by 15-18 percent.